Friday 6 January 2017

Department for International Trade raises £16bn

Department for International Trade raises £16bn

The Department for International Trade (DIT) has secured more than £16 billion of foreign investment in five months.

It states the money raised since the creation of the new department has boosted job creation and industry growth across the whole of the UK, including the energy sector.

In November, International Trade Minister Greg Hands spoke to DONG Energy - the Danish wind giant confirmed it would invest in the UK’s first offshore wind tower manufacturing site in Campbeltown, Scotland.

The deal also involves companies from Germany and South Korea and is expected to create hundreds of jobs.

The firm also committed to a new £60 million recycling and energy plant able to service 110,000 homes in Cheshire that will create another 30 skilled jobs. The company plans to invest £12 billion in renewable energy projects in the UK by 2020.

Australian company Peak Resources plans to invest £100 million in a mineral refinery in the Tees Valley. This site will help put the UK at the forefront of EV development by producing the raw materials needed for electric motors.

The China National Building Material Company (CNBM) is to also plough £2.5 billion into creating 25,000 modular homes in the UK. They cost 20% less than traditional buildings and are more sustainable - their production in factories will create more than 1,000 jobs.

The DIT has also recently helped international firm JDR Energy set up sales centres in the UK, providing 50 new jobs, following their 2009 investment in underwater power cable manufacture.

Written by

Bruna Pinhoni

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